Mississippi Administrative Code

A. "Class B assessment" shall mean assessments by the Mississippi Life and Health Insurance Guaranty Association made to the extent necessary to carry out the powers and duties of the Mississippi Life and Health Insurance Guaranty Association under Miss. Code Ann. § 83-23-215 (Re…

The Mississippi Life and Health Insurance Guaranty Association shall issue to each member insurer paying a Class B assessment to the Mississippi Life and Health Insurance Guaranty Association a certificate of contribution for the amount of the assessment so paid. Such certificate…

A certificate of contribution may be shown by a member insurer in its statutory financial statement as an admitted asset in such form and for such amount, if any, and period of time as the commissioner may by order approve, provided, that a member insurer shall in any event at it…

If any provision of any section of this Regulation or the application thereof to any circumstance or person or entity is held invalid, such invalidity shall not affect any other provision of that section or application of the Regulation which can be given effect without the inval…

This Regulation shall become effective December 31, 1994. Notes 19 Miss. Code. R. 1-21.07 Miss. Code Ann. § 25-43-3.106 (Rev. 2010)

This Regulation is promulgated to the authority granted by Miss. Code Ann. § 83- 19-157. Notes 19 Miss. Code. R. 1-22.01 Miss. Code Ann. § 83-19-157 (Rev. 2011) Amended 7/1/2017 Amended 1/1/2021

The purpose of this regulation is to set forth rules and procedural requirements which the commissioner deems necessary to carry out the provisions of law on Credit for Reinsurance, Miss. Code Ann. § 83-19-151 ("the Act"). The actions and information required by this regulation a…

If any provision of this regulation, or their application to any person or circumstance, is held invalid, such determination shall not affect other provisions or applications of this regulation which can be given effect without the invalid provision or application, and to that en…

Pursuant to Miss. Code Ann. § 83-19-151(a), the commissioner shall allow credit for reinsurance ceded by a domestic insurer to assuming insurers which were licensed in this state as of the date on which statutory financial statement credit for reinsurance is claimed. Notes 19 Mis…

A. Pursuant to Miss. Code Ann. § 83-19-151(b), the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer which is accredited as a reinsurer in this state as of the date on which statutory financial statement credit for reinsurance is c…

A. Pursuant to Miss. Code Ann. § 83-19-151(c) the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer as of any date on which statutory financial statement credit for reinsurance is claimed: 1. Is domiciled and licensed in (or, in th…

A. Pursuant to Miss. Code Ann. § 83-19-151(d), the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer which, as of any date on which statutory financial statement credit for reinsurance is claimed, and thereafter for so long as cred…

Pursuant to Miss. Code Ann. § 83-19-151(e), the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that has been certified as a reinsurer in this state at all times for which statutory financial statement credit for reinsurance is c…

A. Pursuant to Miss. Code Ann. § 83-19-151(f), the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer that is licensed to write reinsurance by and has its head office or is domiciled in a Reciprocal Jurisdiction, and which meets the…

Pursuant to Miss. Code Ann. § 83-19-151(g), the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Miss. Code Ann. §§ 83-19-151(a), (b), (c), (d), (e), or (f) but only as to the insurance of risks loc…

A. Pursuant to Miss. Code Ann. § 83-19-153, the commissioner shall allow a reduction from liability for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Miss. Code Ann. § 83-19-151 in an amount not exceeding the liabilities carried by…

A. As used in this section: 1. "Beneficiary" means the entity for whose sole benefit the trust has been established and any successor of the beneficiary by operation of law. If a court of law appoints a successor in interest to the named beneficiary, then the name beneficiary inc…

A. The letter of credit must be clean, irrevocable and unconditional and issued or confirmed by a qualified United States financial institution as defined in Miss. Code Ann. § 83-19-155(a). The letter of credit shall contain an issue date and date of expiration and shall stipulat…

A ceding insurer may take credit for unencumbered funds withheld by the ceding insurer in the United States subject to withdrawal solely by the ceding insurer and under its exclusive control. Notes 19 Miss. Code. R. 1-22.14 Miss. Code Ann. § 83-19-157 (Rev. 2011) Amended 7/1/2017…

Credit will not be granted to a ceding insurer for reinsurance effected with assuming insurers meeting the requirements of Rules 22.04, 22.05. 22.06, 22.07, 22.08, 22.09 or 22.11 of this regulation or otherwise in compliance with Miss. Code Ann. § 83-19-151 after the adoption of …

All new and renewal reinsurance transactions entered into on or after July 1, 2017, shall conform to the requirements of the Act and this Regulation, as amended, if credit is to be given to the ceding insurer for such reinsurance. Notes 19 Miss. Code. R. 1-22.16 Miss. Code Ann. §…

Click Here To View Image Notes 19 Miss. Code. R. 1-22.17 Miss. Code Ann. § 83-19-157 (Rev. 2011) Amended 7/1/2017 Amended 1/1/2021

Click Here To View Image Click Here To View Image Notes 19 Miss. Code. R. 1-22.18 Miss. Code Ann. § 83-19-157 (Rev. 2011) Amended 7/1/2017 Amended 1/1/2021

Click Here To View Image Notes 19 Miss. Code. R. 1-22.19 Miss. Code Ann. § 83-19-157 (Rev. 2011) Amended 7/1/2017 Amended 1/1/2021

Form CR-F - PART 1 Assumed Reinsurance as of December 31, Current Year (000 Omitted) Click Here To View Image Form CR-F - PART 2 Ceded Reinsurance as of December 31, Current Year (000 Omitted) Click Here To View Image Notes 19 Miss. Code. R. 1-22.20 Miss. Code Ann. § 83-19-157 (R…

Form CR-S - PART 1 - SECTION 1 Reinsurance Assumed Life Insurance, Annuities, Deposit Funds and Other Liabilities Without Life or Disability Contingencies, and Related Benefits Listed by Reinsured Company as of December 31, Current Year Click Here To View Image Form CR-S - PART 1…

This Regulation is promulgated by the Commissioner of Insurance pursuant to the authority granted to him by Miss. Code Ann. §§ 25-43-1et seq., 83-5-1 and 83-17-211, and is promulgated in accordance with Mississippi Department of Insurance Regulation No. 88-101, said regulation be…

The purpose of this regulation is to provide guidelines under which financial institutions may sell insurance in the State of Mississippi and to protect the interests of the insurance policyholders of this state. Notes 19 Miss. Code. R. 1-23.02 Miss. Code Ann. § 83-5-1 (Rev. 2011…

A. "Financial institution" shall mean a bank, savings bank, savings and loan association, trust company, credit union or any depository institution as defined by the Federal Deposit Insurance Act, and any other individual, corporation, partnership or association engaged in the ta…

All financial institutions that are authorized to engage in the solicitation and sale of insurance products are subject to the insurance laws of the State of Mississippi and all other regulations of the Mississippi Department of Insurance and other applicable provisions of law. N…

Solicitation for the purchase or sale of any insurance products shall be conducted only by persons or entities who have complied with all applicable state insurance licensing, appointment laws and regulations and who have been issued an agent or broker's license pursuant to Miss.…

It is strongly recommended that insurance sales activities be conducted through separate divisions or subsidiaries. However, whether the financial institution obtains an agency license or operates through a subsidiary, division or affiliated agency, separate records must be maint…

No person shall delay or impede the completion of a loan transaction or other transactions involving the extension of credit for the purpose of influencing a customer to purchase insurance from them or through any affiliated entity. Notes 19 Miss. Code. R. 1-23.07 Miss. Code Ann.…

A. No person may offer banking products or services, or fix or vary the consideration of the offer, on a condition or requirement that the customer obtain insurance from the financial institution or any affiliate of the financial institution. B. A financial institution that offer…

A. No person may offer a rebate on an insurance product in violation of Miss. Code Ann. § 83-3-121 (Rev. 1991). B. No person may offer a discount on a loan or extension of credit for the purpose of inducing the customer to purchase insurance required in connection with the loan o…

No financial institution may: A. Require as a condition of providing any product or service or renewal of any contract for providing a product or service to any customer, that the customer acquire, finance, or negotiate any policy or contract of insurance through a particular ins…

A. A financial institution shall prominently disclose in writing, in clear and concise language, to customers, including in any advertisement or promotional material, and orally during any customer contact, that the insurance product offered, recommended, sponsored, or sold: 1. I…

No person may employ any advertisement that would mislead or otherwise cause a reasonable person to believe mistakenly that the State of Mississippi or the federal government is responsible for the insurance sales activities of the financial institution or stands behind the finan…

No person shall pay directly or indirectly, any commission, service fee, brokerage or other valuable consideration to any person for services as an insurance agent, unless the person performing the service holds a valid license for the class of insurance as to which the service i…

A. A financial institution may not release a customer's insurance information to any person other than an officer, director, employee, agent, or affiliate of the financial institution without the written consent of the customer. For the purposes of this Section, "insurance inform…

If any provision of any section of this regulation or the application thereof to any circumstance or person or entity is held invalid, such invalidity shall not affect any other provision of that section or application of the regulation which can be given effect without the inval…

This regulation shall become effective March 31, 1999. Notes 19 Miss. Code. R. 1-23.16 Miss. Code Ann. § 25-43-3.106 (Rev. 2010)

This Regulation is promulgated by the Commissioner of Insurance pursuant to the authority granted to him by Miss. Code Ann. §§ 83-5-1 and 83-23-235 in order to implement the provisions of the Mississippi Life and Health Insurance Guaranty Association Act, as Amended , and is prom…

The purpose of this Regulation is to implement Miss. Code Ann. § 83-23-235 by prescribing the form and content of the summary document describing the general purposes and current limitations of the Mississippi Life and Health Insurance Guaranty Association Act. Notes 19 Miss. Cod…

No insurer may issue or deliver a life, health or annuity policy or contract to a policy or contract owner and no health maintenance organization (HMO) may issue or deliver a health maintenance organization subscriber contract or certificate in the State of Mississippi unless a s…

If any provision of any section of this Regulation or the application thereof is held by a court to be invalid, such invalidity shall not affect any other provision of that section or application of this Regulation which can be given effect without the invalid provision or applic…

This Regulation shall become effective on and after January 1, 2021. Insurers and HMOs must begin using the summary document attached as Appendix "A" not later than sixty (60) days after the effective date. In the interim, insurers may continue to use the summary document provide…